FUNDRAISING NEWS | October 24, 2024
The Rhode Island State Pension (RISP) approved $43M in total commitments to a private infrastructure strategy from French manager Meridiam and is likely to replace Western Asset Management (WAM) as manager of its $500M long Treasury portfolio.
In a staff memo from its October 2024 State Investment Commission meeting, RISP said it approved a $40M allocation from the Rhode Island Employees Retirement Systems Pooled Trust to Meridiam Infrastructure North America IV (MINA IV). It also approved a $3M allocation from the Rhode Island OPEB System Trust to the infrastructure fund.
Meridiam Infrastructure North America IV is a built-to-core strategy with the goal of designing, building, financing, operating, and maintaining infrastructure assets in North America employing a whole-of-life approach. The fund life is set as 25 years with the opportunity for a 15-year extension.
Meanwhile, RISP became the latest asset owner publicly considering a move away from Western Asset Management since co-CIO Ken Leech’s leave of absence amidst an SEC investigation. In a separate memo included in the meeting materials, the state’s treasurer is recommending that RISP shift its $500M long Treasury portfolio, currently actively managed by WAM, to a passive strategy managed by Russell Investments.
According to Dakota data, the Rhode Island State Pension has $11B in managed assets.
For more public pension insights and a comprehensive library of public plan minutes, book a demo of Dakota Marketplace!
Written By: Dakota
Dakota is a group of extraordinary people who try and do extraordinary things every day while playing at the highest level of professionalism in their domain.
October 16, 2024
October 21, 2024
October 25, 2024
925 West Lancaster Ave
Suite 220
Bryn Mawr, PA 19010
Tel: (610) 642-1481
© Dakota 2024 | Terms of Service | Privacy Policy | California Privacy Policy